Markets trade higher; ICICI Bank, APSEZ shares advance

24/10/2016 10:23

The key domestic benchmark indices were trading in a positive terrain in the morning trading session tracking a mixed trend across markets in Asia as traders stuck to a cautious approach amidst a busy week for earnings results across the US, Japan and China, which will offer cues over the health of the global economy.

This week, shares of Adani Power, Axis Bank, Idea Cellular, Reliance Capital, Asian Paints, Bharti Airtel, Dr Reddy’s, HDFC Bank, HDFC, Hero MotoCorp, HUL, ITC, IOC, Maruti Suzuki India and ONGC will be in focus as the companies unveil their September quarter earnings.

Volatility may remain high at the domestic bourses as traders roll over their positions ahead of Thursday’s October Futures & Options (F&O) expiry. Foreign investment trend, movement of the rupee and oil prices will also dictate sentiment at Dalal Street this week.

At 10:20 AM, the Bombay Stock Exchange bellwether Sensex was at 28122.18 up by 45 points or by 0.16 per cent, while the NSE Nifty was at 8703.05 points, trading higher by 10 points or by 0.12 per cent.

The BSE Sensex touched an intraday high of 28192.2 and an intraday low of 28075.95 while the NSE Nifty touched an intraday high of 8723.05 and an intraday low of 8684.15

The top gainers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 284.15,+2.32 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 291.60,+2.05 per cent), State Bank of India (Rs. 262.70,+1.66 per cent), GAIL (India) Ltd. (Rs. 446.70,+1.42 per cent), Maruti Suzuki India Ltd. (Rs. 5717.00,+1.19 per cent), among others.

Meanwhile, Wipro Ltd. (Rs. 480.80,-3.69 per cent), Asian Paints Ltd. (Rs. 1134.10,-1.68 per cent), Bharti Airtel Ltd. (Rs. 305.00,-1.42 per cent), Dr. Reddy’s Laboratories Ltd. (Rs. 3079.65,-0.94 per cent), Tata Consultancy Services Ltd. (Rs. 2410.00,-0.77 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2353 shares traded, 1491 shares advanced, 701 shares declined while 161 were unchanged.

On the global front, Asian stocks were trading lower today as developers and banks declined while investors booked profits after bourses notched up their best weekly performance in a month. US stocks closed lower in the previous trading session amid concerns that a stronger dollar may hit corporate earnings but a flurry of deal activity bolstered consumer stocks.

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